"There is not a justification for moving interest rates above and beyond Reserve Bank interest movements and there's certainly no excuse arising from the G20," Prime Minister Julia Gillard said on her arrival in South Korea for the G20 summit.

"It is another case of the big banks showing disregard for their customers and putting profits before their customers and before the community's standards," she said.

Opposition treasury spokesman Joe Hockey says it shows the Government is powerless to act.

"This is further evidence that the Gillard government just has lost control of the banking system, and quite obviously they're being treated as a laughing-stock by the banks," he said.

"Even after all the outrage about the Commonwealth Bank's increase the ANZ decided to go [to] nearly the same level."

But Senator Wong says the Government is working to increase competition for customers.

"You see movement on one of those today with the release of ASIC's guidance which shows how in detail it will work to ensure that we don't see unfair or unconscionable exit fees," Ms Wong said.

"That's what the Government is doing. But of course as the Treasurer has made clear, we are determined to do more. We are determined to do more when it comes to competition but we are also determined to get the right outcome."

Mr Hockey says it is just more details about an existing measure, and it will not help to increase competition between banks.

"They're clarification of a guideline from ASIC. Julia Gillard was beating this up as the silver bullet that was going to stop the lack of competition in the banking system... Julia Gillard was portraying this as the sole solution on exit fees," he said.

Mr Hockey also renewed his call for a full review of Australia's banking sector.

"For the 34 warnings Wayne Swan has issued to the banks not to go beyond the Reserve Bank, today the ANZ kicked sand in his eyes and in the eyes of the Gillard Government," he said.

Meanwhile, the Australian Bankers Association (ABA) says the ANZ's decision to lift interest rates is justified, and criticism of the move is unfair.

"Banks are facing genuinely higher funding costs, they have been absorbing those funding costs now for nearly a year," ABA chief executive Steven Munchenberg said.

"ANZ, like the Commonwealth Bank last week, have made it very clear those higher funding costs are real, and at some point they do need to be passed on to customers."

You have no doubt been hearing a lot about the Paris Agreement and know that it pertains to climate change, but are too embarrassed at this stage to ask for an overall explanation of what it's all about.